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Showing results for tags 'pensioner mortgages'.
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Chatting today with friends thinking about sorting out their housing situation before retirement, they are trying to find a way out of rental. The position is that they potentially have a significant deposit (for round here), and are looking to buy/renovate/extend or potentially self-build. The complications are: 1 - He is a self-employed professional driver, aged just over 60. A couple of years of accounts + several years employed beforehand. 2 - She is not gainfully employed at present. State and professional pensions will be along in a few years. The mortgage size is not a problem to manage if they can get a decent length of term, but the first broker contacted commented that the medical tests around being a professional driver would prevent mortgage lenders allowing a term beyond the age of 70. That makes the length of mortgage a problem, as a 10 year mortgage *would* be a strain. Therefore they are looking for lenders who: 1 - Will consider self-employed. 2 - Will consider either pro-drivers beyond 70, or take pensions into account for the latter part of a mortgage term. It is likely that he will continue beyond 70 full or part time, but that does not shift the criteria. Does anyone know of any possibilities? I see that Cumberland Building Society will lend beyond 70, so they are one to contact for a start - but being a (relative) whippersnapper it is not an area I have researched before. Any others? Cheers Ferdinand
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- mortgages
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